In Shiba Inu news, a new update about open interest being on the recent rise has got everyone’s attention. Investors are placing more bets on SHIB.
In Shiba Inu news, a new update about open interest being on the recent rise has got everyone’s attention. Investors are placing more bets on SHIB. As of June 6, 2024, Shiba Inu’s total open interest sits around $97 million. This shows a significant hike from the lows of March 2024.
Shiba Inu News: Open Interest at February Level
After hitting the peak of February 2024, Shiba Inu’s open interest dropped rapidly, losing more than half of its value by mid-April. This sharp decline raised concerns for investors to take interest.
Shiba Inu’s open interest reached an all-time high of nearly $136 million in February 2024. While currently there is no Shiba Inu news of open interest reaching the past levesl yet, things are already on a bullish uptrend, and investors could see SHIB making an attempt really soon.
The Comeback of Shiba Inu’s Open Market
Shiba Inu’s open interest made a comeback in May 2024 after struggling over the last few months. Following this, SHIB’ open interest has almost doubled by June as compared to its low in March 2024. SHIB’s open interest is now up almost 100%, representing more investors are jumping back in placing bets on its future.
Currently, Shiba Inu’s open interest has crossed $97 million. It is now around 60% away from making a new all-time high. Investors are keeping their eyes and ears open for any open interest Shiba Inu news.
Effect on Shiba Inu Price
Shiba Inu investors’ attention to SHIB’s open interest is gradually rising. It indicates SHIB’s price could hit an all-time high.
Confirming this fact, in March 2024, Shiba Inu’s open interest hit an all-time high leading to the rise of SHIB’s price.
Following the same path, the current increase in Shiba Inu’s open interest could also raise the Shiba Inu price. It will be appropriate to predict that Shiba Inu’s price could touch $0.00004 once more.
A new yearly high if open interest were to go back to $136 million ATH. This is because the SHIB price increased more than double when open interest surged in March.
Shiba Inu’s Minor Hurdles
Shiba Inu faces a small hurdle in the last 24 hours. While Shiba Inu’s open interest is rising, a small decline of 0.42% in that interest has been detected in last 24 hrs. Shiba Inu’s price also dropped by 4.41% last week leading to the current trend at $0.0000256, at present time.
While the Shiba Inu news is good in these days. Investors are looking for a great return in the meme coin. However, the cryptocurrency market nature is highly volatile and One should do a complete research or seek a financial advice from an expert before investing.
Also Read: Shiba Inu News: Whale Investors Propel Shiba Inu and Cardano
